Singaporeans should not be traumatised over $1m flat price

SINGAPORE – Speaking at dialogue with Sembawang grassroots leaders yesterday, National Development Minister Khaw Boon Wan urged Singaporeans not to be traumatised over rumours of a flat being sold for $1 million.

Minister Khaw said that there will always be ideal units with fantastic views that will fetch high prices, as in the case of the executive maisonette in Queenstown.

Its sale is still in the works with the price rumoured to hit $1 million including a cash-over-valuation (COV) of $195,000.

At the same time, Minister Khaw noted that the record resale price is indicative of the fact that public housing can provide very good living conditions, reported The Straits Times.Pointing out that the larger picture is more important, Mr Khaw said that in the last few months the Government managed to keep prices for most units affordable with the pricing of the new Build-to-Order (BTO) flats.